Specificities of the Monetary Transmission Mechanism within the Bulgarian Currency Board Framework: The first five years
Abstract
This paper presents an overview of the channels of monetary transmission and their manifestation in Bulgaria – a country in a currency board arrangement – in the first five years after the introduction of the regime. The presence of such a mechanism of transmission requires some form of macroeconomic discretion. The latter is approximated here with dynamics in the single fiscal account present on the balance sheet of the currency board.
DOI: https://doi.org/10.2478/jcbtp-2021-0014 | Journal eISSN: 2336-9205
Language: English
Page range: 57 - 86
Submitted on: Aug 23, 2019
Accepted on: Feb 14, 2020
Published on: May 12, 2021
Published by: Central Bank of Montenegro
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year
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© 2021 Martin N. Pazardjiev, Aleksandar Z. Vasilev, published by Central Bank of Montenegro
This work is licensed under the Creative Commons Attribution 4.0 License.